Market Update (NYSE:BK): BNY Mellon Names Mitchell Harris CEO of Investment Management Business

[PR Newswire] – NEW YORK, Feb. 23, 2016 /PRNewswire/ — BNY Mellon, a global leader in investment management and investment services, today announced that Mitchell Harris has been named chief executive officer of the company’s Investment Management business , effective immediately. Harris, who already had responsibility for the day-to-day oversight of the company’s investment boutiques globally and wealth management business , will report to Gerald L. Hassell, BNY Mellon’s chairman and CEO. Read more on this. The Bank of New York Mellon Corporation (BK) , valued at $38.05B, started trading this morning at $35.29. Looking at today’s trading action, the company’s one day range from $34.70 to $35.31 with the price of the stock fluctuating between $32.20 to $45.45 over the last 52 weeks. BK shares are currently priced at 11.57x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 10.42x forward p/e ratio. The company pays shareholders $0.68 per share annually in dividends, yielding 1.95%. According to a consensus of 19 analysts, the earnings estimate of $0.68 per share would be $0.01 better than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $3.02, which would be a $0.17 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.74 Billion. If realized, that would be a 0.53% decrease over the year-ago quarter. In terms of ratings, JP Morgan upgraded BK from Neutral to Overweight (Jan 7, 2016). Previously, BofA/Merrill upgraded BK from Neutral to Buy. Investors should keep in mind is that the average price target is $42.82, which is 21.34% above where the stock opened this morning. See more in (NYSE:BK) Similar Articles: Stock Update (NYSE:BK): BNY Mellon Investment Management Launches Multi-Strategy Absolute Return Fund Managed by Insight Investment Stock Update (NYSE:BK): New regulations and financial market change mean firms must adapt to survive in brave new collateral management world, according to BNY Mellon/Field Effect paper Market Update (NYSE:BK): MOVES-BNY Mellon names Michelle Neal as president of Markets Group
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